$SOL at 92.40 after losing the Oct 30 low (92.34) overnight. Now it's retesting that level from below 👇
• Trend: lower highs on the 4H since Oct 31 (97.09 > 96.28 > 95.95). Price sits under the EMA50 (~97.4) and EMA200 (~104)
• Resistance: 92.3-92.7 first, the old Oct 30 low plus today's high. Then 93.6-94.0 (Oct 31 and Nov 2 lows) and 95.4-96.0, where the falling line runs
• Support: 90.9-91.1 (today's lows). Under that the chart is thin down to 87.6-88.0 (Aug 21-22 lows)
• RSI ~34, close to oversold but not turning up yet
• Bullish case: a 4H close back above 92.7 turns the breakdown into a fake-out and puts 93.6-94.0 in play
• Bearish case: rejection at 92.3-92.7 and a close under 90.9 opens the way to 88
Conclusion: sellers are in charge until SOL gets back above 92.7. I'd rather see that retest play out than guess a bottom here.
Not financial advice.
#sol #Solana #TechnicalAnalysis #CryptoMarket #Binance
• Trend: lower highs on the 4H since Oct 31 (97.09 > 96.28 > 95.95). Price sits under the EMA50 (~97.4) and EMA200 (~104)
• Resistance: 92.3-92.7 first, the old Oct 30 low plus today's high. Then 93.6-94.0 (Oct 31 and Nov 2 lows) and 95.4-96.0, where the falling line runs
• Support: 90.9-91.1 (today's lows). Under that the chart is thin down to 87.6-88.0 (Aug 21-22 lows)
• RSI ~34, close to oversold but not turning up yet
• Bullish case: a 4H close back above 92.7 turns the breakdown into a fake-out and puts 93.6-94.0 in play
• Bearish case: rejection at 92.3-92.7 and a close under 90.9 opens the way to 88
Conclusion: sellers are in charge until SOL gets back above 92.7. I'd rather see that retest play out than guess a bottom here.
Not financial advice.
#sol #Solana #TechnicalAnalysis #CryptoMarket #Binance
